General Awareness

BUSINESS AND ECONOMY - May 2017

May 2017

Oct 01, 2024

NSE, BSE Revise Transaction Fees

BSE and NSE announced revisions to their transaction fees, effective from October 1, 2024. The changes, which impact various segments, align with SEBI's July directive mandating a uniform fee structure across market infrastructure institutions (MIIs). This move eliminates the previous slab-based structure and ensures transparency for end clients.
BSE: Transaction charges for Sensex and Bankex options contracts will rise to Rs. 3,250 per crore of premium turnover. For other equity derivatives like Sensex Fifty and stock options, charges remain at Rs. 500 per crore of premium turnover.
NSE: The cash segment will see a charge of Rs. 2.97 per lakh of trade value on both sides, while equity futures will be charged at Rs. 1.73 per lakh. Equity options will incur Rs. 35.03 per lakh of premium value on both sides. Currency futures will see a fee of Rs. 0.35 per lakh, and currency and interest rate options will be charged Rs. 31.10 per lakh of premium value.
The revised fee structure follows SEBI's 'true to label' policy, ensuring that fees charged to end clients accurately reflect the costs paid by trading members, creating a more transparent and fair system for all market participants.

GST Council Establishes GoM on Compensation Cess

The Goods and Services Tax (GST) Council formed a 10-member Group of Ministers (GoM), chaired by Minister of State for Finance Pankaj Chaudhary, to address the future taxation of luxury, sin, and demerit goods as the compensation cess is set to expire in March 2026. The GoM comprises representatives from Assam, Chhattisgarh, Gujarat, Karnataka, Madhya Pradesh, Punjab, Tamil Nadu, Uttar Pradesh, and West Bengal, with a report expected to be submitted by December 31.
The GoM's primary objective is to propose a new taxation structure to replace the compensation cess after its abolition. Currently, the compensation cess, levied at varying rates on specified goods in addition to the 28% GST, was originally intended to last five years following the rollout of GST. However, the government decided to extend the cess until March 2026 to repay a Rs. 2.69 lakh crore loan borrowed to cover revenue losses experienced by states during the COVID-19 pandemic.

Sep 30, 2024

India and Uzbekistan Sign Bilateral Investment Treaty in Tashkent

India and Uzbekistan signed a Bilateral Investment Treaty (BIT) aimed at boosting investor confidence and enhancing economic cooperation between the two nations. The treaty was formalised by Indian Finance Minister Nirmala Sitharaman and Uzbekistan's Deputy Prime Minister Khodjayev Jamshid Abdukhakimovich in Tashkent. This BIT assures protection for investors from both countries, providing a minimum standard of treatment and non-discrimination while facilitating dispute resolution through arbitration. The signing of the BIT reflects the shared commitment of India and Uzbekistan to create a robust investment environment, which is expected to pave the way for increased bilateral investments, benefitting both economies. As of August 2024, India's Overseas Direct Investment (ODI) in Uzbekistan amounted to $20 million, with significant investments in sectors like pharmaceuticals, amusement parks, automobile components, and hospitality.
India ranks among the top 10 trade partners of Uzbekistan.

Sep 29, 2024

Hurun India Under-35 List 2024: Celebrating Young Entrepreneurial Talent

The Hurun India Under-35 list for 2024 emerged as a prestigious recognition of India's young entrepreneurial talent, highlighting the achievements of 150 entrepreneurs aged 35 or younger. This comprehensive list spans various industries, from retail giants to innovative tech start-ups, showcasing the diverse and dynamic nature of India's business landscape.
Among the most notable names on the list are Isha Ambani and Akash Ambani, scions of the Reliance Industries Empire. Their inclusion highlights the growing influence of next-generation leadership in established business houses.

Sep 28, 2024

Union Textiles Minister Giriraj Singh Unveils Commemorative Coin to Celebrate Platinum Jubilee of...

Union Minister of Textiles, Giriraj Singh unveiled the Commemoratory coin, celebrating the Platinum Jubilee of the Central Silk Board (CSB) at Mysuru. The Central Silk Board proudly marked 75 years of dedicated service to advancing India's silk industry.
The Central Silk Board was set up based on the recommendations of the Silk Panel by the Imperial Govt. on March 8, 1945 to examine the development of silk industry; the Government of Independent India enacted the CSB Act 1948 on September 20, 1948. Accordingly, the Central Silk Board (CSB) a statutory body was set up under an Act of Parliament (LXI) of 1948 to shape the Sericulture Industry on April 9, 1949.
The Central Silk Board (CSB) is the sole organisation for comprehensive sericulture Research &Development (R&D) and coordinates development programs across 26 States/UTs. The mandated activities of CSB are Research and Development, maintenance of four tier silkworm seed production network, leadership role in commercial silkworm seed production, standardizing and instilling quality parameters in the various production processes, and advising the Government on all matters concerning sericulture and silk industry. These mandated activities of the Central Silk Board are being carried out by the 159 units of CSB located in different States.

CAG of India Assumes Chairmanship of ASOSAI for 2024-2027

The Comptroller and Auditor General (CAG) of India, Girish Chandra Murmu, officially took over the chairmanship of the Asian Organisation of Supreme Audit Institutions (ASOSAI) for the term 2024-2027. This significant transition was highlighted during the 16th Assembly of ASOSAI, which has expanded its membership to include 48 Supreme Audit Institutions (SAIs) across Asia.
CAG Murmu announced that the institution is in the process of developing its own Artificial Intelligence (AI) protocol to expedite the writing of audit reports. He emphasised that the current data collection involves field auditors, who will subsequently clean and classify the data according to specific requirements. The aim is to minimise algorithm biases during data analysis, ensuring more accurate and efficient auditing processes.
The 16th ASOSAI Assembly approved various strategic and financial reports, including a mid-term review of ASOSAI's Strategic Plan for 2022-2027 and the outcomes of the Bangkok Declaration from 2021. Discussions also focused on enhancing collaborations among member SAIs, particularly through capacity-building initiatives and the development of IT audit frameworks. Bilateral dialogues between SAI India and SAI Malaysia, as well as cooperation with the International Organisation of Supreme Audit Institutions (IDI), were also conducted.

Sep 27, 2024

UPI Now Mandatory for Bids Up to Rs. 5 Lakh in Public Debt Issues

The Securities and Exchange Board of India (SEBI) implemented new guidelines requiring retail investors to use the Unified Payments Interface (UPI) to block funds when applying for public issues of debt securities amounting up to Rs. 5 lakh.
This regulation aims to streamline the application process for individual investors engaging with public debt issues, including non-convertible redeemable preference shares, municipal debt securities, and securitised debt instruments. The new rule will take effect on November 1, 2024, and is part of SEBI's effort to enhance efficiency and align the process with equity share applications.

Axis Bank and Mastercard Launch MyBiz Credit Card for Small Business Owners

Axis Bank, a leading private sector bank in India partnered with Mastercard, a global payments technology firm, and launched the MyBiz credit card, specifically designed for sole proprietors and small business owners. This premium World Mastercard® offers a comprehensive suite of business and travel benefits tailored to meet the diverse needs of small and medium-sized enterprises (SMEs).
The MyBiz card provides numerous premium features, including airport lounge access, comprehensive travel insurance, and various business-related services aimed at enhancing productivity, marketing, online readiness, security, and compliance through Mastercard Easy Savings Specials. Cardholders can also take advantage of exclusive experiences curated for Indian customers via priceless.com, which encompasses opportunities in culinary arts, wellness, sports, and more.

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